MUMBAI, DHAKA, BANGKOK, HANOI AND BENGALURU: Indian rice export prices this week extended their gains to the highest level in a year, as below-normal rainfall raised concerns over production amid tightening supplies, while Vietnamese and Thai rates also rose. “Crop prospects are deteriorating every week.
The southern states need rainfall now, or crop productivity will suffer significantly,” said a Mumbai-based dealer with a global trade house. India is likely to receive below-average monsoon rainfall in September after August precipitation came in 16percent below normal, the weather department said on Monday.
India’s 5percent broken parboiled variety was quoted at USD369-USD375 per ton this week, up from last week’s USD366-USD371. Indian 5percent broken white rice was priced at USD364-USD369 per ton.
Meanwhile, Thailand’s 5percent broken rice was quoted at USD483-USD485, up from USD465 per ton last week, traders said. There is continuous demand coming in from Malaysia and the Philippines, a Bangkok-based trader said. There was new demand from Iraq, bought through Turkey and Jordan, which made markets lively, the trader said, adding main crop rice supply will come out from mid-October to December, and there shouldn’t be any issues from the Northeast and the Chao Phraya river basin provinces.
Vietnam’s 5percent broken rice was offered at USD440-USD445 per ton on Thursday, up slightly from USD438-USD442 a week ago. “We are hearing the Philippines, Vietnam’s largest buyer, is ramping up their imports during the rest of this year on concerns about El Nino,” a Ho Chi Minh City-based trader said.
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